$1250000

Riverside Apartments
  • Units: 32
  • Cap Rate: 8.00 Percent
  • Price Paying: -
  • Price Per Unit: $39,063
  • Property Type: Multi Family
  • Gross Rent Multiplier: -
  • Year Built: 1968
  • Monthly Income Per Unit: $602.50
  • Expense to Income Ratio: 46.80 Percent
  • Average Square Feet: 23,475
  • Debt Service Coverage: -
  • Cash Flow: -
  • ROI Year One: 10.67
  • Listing Agent: Greg Coulter
  • Property Features: Income Property Organization is pleased to present Riverside Apartments, which consists of 32 units and is located in Mount Clemens, Michigan. The City of Mount Clemens is a downtown district in Macomb County and also serves as the county seat. As of the 2014 census estimate, the city of Mount Clemens had a total population of 16,408, while Macomb County as a whole had a population of 860,112. The median family income was most recently reported at $33,208 and the average home value is estimated at $76,800. Mount Clemens is located along the waterfront of Lake St. Clair, which has led to revitalization of the surrounding area. The city gives easy access to major freeways, including I-94 and M-59. Riverside is comprised of 3 two-story low-rise buildings built in 1968. The buildings contain 17 one-bedroom units (675 ft2) and 15 two-bedroom units (800 ft2). Notable for investors is the occupancy, which is currently 97% on a pre-leased basis. Strong occupancy such as this is mainly because Riverside Apartments advertises itself with its exceptional condition and ample frontage on Clinton River Drive, ultimately situated right next to the Clinton River with Gratiot Avenue being easily accessible from the complex. Outside of Riverside's excellent location, the property also offers residents numerous amenities such as laundry facilities, swimming pool, balconies or patios, and a beautiful view of the Clinton River. Riverside is outfitted with landlord-paid hot-water baseboard heat. Currently, the average rents at Riverside are $575 on one-bedroom units and $675 on two-bedroom units, whereas market rents are $597 for one-bedroom units and $710 for two-bedroom units. It is imperative to note, that after a detailed rental study, it has come to our attention that rents at Riverside Apartments are still below market averages. With occupancy at 97%, it is clear that a small increase in rental rates could be implemented by a new owner.
  • Interior Features: -
  • Exterior Features: -

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  • About Us

    Income Property Organization offers customized brokerage services that are designed to meet the specific needs of a wide range of clients -- private owners as well as institutional investors -- who want to buy or sell income property.
  • Contact Us

    Income Property Organization
    6421 Inkster Rd., Suite 200
    Bloomfield Hills, MI 48301
    Telephone (248) 932-0300
    Fax (248) 932-0301